1. At a Glance – The “LED Company That Forgot to Switch On Revenue”
Imagine a company that claims to be in LED lighting, talks about lithium batteries, dreams about exports, but currently earns 100% of its revenue from work contracts. Now imagine that same company suddenly reports quarterly sales falling 76.9% and profits dropping nearly 70%… yet trades at almost 50x earnings like it’s the next Tesla of Thane.
Welcome to Artemis Electricals & Projects Ltd — where the business model looks like a buffet menu, but the kitchen seems to be serving only one dish: work contracts.
Let’s highlight the red flags before you get blinded by the LED glow:
- Revenue completely dependent on work contracts
- Sudden massive quarterly decline in both sales and profit
- Auditor resignation
- Fire incident at factory (no insurance, by the way)
- Frequent management exits
- Promoter pledge at ~20.7%
- Yet market says: “50x P/E is totally fine boss”
This isn’t just a company — it’s a Bollywood thriller with plot twists every quarter.
And the real question is:
Are we looking at a turnaround story… or just a well-lit illusion?
2. Introduction – LED Business or Contracting Company in Disguise?
Let’s break this down like a middle-class uncle analyzing IPL stats.
On paper, Artemis Electricals is:
- An OEM LED lighting manufacturer
- A supplier to big brands like Bajaj
- A company with its own product portfolio
- A future lithium battery player
Sounds impressive, right?
Now reality check:
- FY23 revenue: 100% from work contracts
- Manufacturing? Secondary
- Branding? Minimal
- Export dreams? Still dreams
So basically, this is like someone introducing themselves as a chef… but earning all money from Swiggy delivery commissions.
The company can manufacture LED products — no doubt.
But where is the actual product-led revenue?
Instead, what we see is:
- Engineering contracts
- Infrastructure-type work
- Project-based income
And that’s why revenue looks like a rollercoaster designed by an intern.
Now ask yourself:
Do you want a stable business…
